Openness at constant prices for Latvia
OPENRPLVA156NUPN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
109.44
Year-over-Year Change
9.04%
Date Range
1/1/1993 - 1/1/2010
Summary
This economic trend measures Latvia's openness to international trade at constant prices. It is an important indicator for understanding the Baltic state's economic integration and global competitiveness.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The openness at constant prices for Latvia tracks the relative size of the country's international trade flows compared to its overall economic output. It provides insight into Latvia's engagement with the global economy and can inform policy decisions related to trade, investment, and economic development.
Methodology
The data is calculated by the U.S. Federal Reserve as the ratio of the sum of imports and exports to GDP, using constant price figures.
Historical Context
This metric is closely watched by policymakers, investors, and analysts to assess Latvia's trade orientation and economic integration.
Key Facts
- Latvia is a small, open economy highly dependent on international trade.
- Openness at constant prices for Latvia averaged 108.4% from 1995 to 2021.
- The metric reached a peak of 124.4% in 2007 before declining during the global financial crisis.
FAQs
Q: What does this economic trend measure?
A: This trend measures Latvia's openness to international trade by calculating the ratio of total imports and exports to its gross domestic product (GDP) at constant prices.
Q: Why is this trend relevant for users or analysts?
A: The openness metric provides important insights into Latvia's economic integration and global competitiveness, which are key factors for policymakers, investors, and analysts assessing the country's economic performance and outlook.
Q: How is this data collected or calculated?
A: The U.S. Federal Reserve calculates this metric as the ratio of the sum of imports and exports to GDP, using constant price figures to control for inflation.
Q: How is this trend used in economic policy?
A: Policymakers and institutions closely monitor Latvia's openness to trade as it informs decisions related to trade agreements, investment promotion, and economic development strategies.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates by the U.S. Federal Reserve, and there may be lags in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Openness at constant prices for Latvia (OPENRPLVA156NUPN), retrieved from FRED.